Project Description

This is a 48 unit apartment complex located in Florence, SC

Property:

Wyndham Place is a eleven building, 48-unit, multi-family investment property located in Florence, South Carolina. The property is in the desirable West Florence area just off of North Irby St. and only one mile from downtown Florence.

Strategy:

We’ll be renovating 26 units as they become available at lease turns. This property does not require too much work because the previous owner renovated 22 of the units and each building has brand new roofs and 70% of the units have new HVAC’s. All units have washer and dryer connections along with new windows. We will be repaving the parking lots and painting the exteriors while organically increasing rents to be in line with market rates.

Highlights:

  • Rents have potential to increase by $165 very conservatively.
  • Close proximity to grocery stores and dining.
  • Florence, SC is home to Patheon’s $70m facility, Honda’s $45-million facility expansion project (2016), and GE Healthcare’s a $40- million facility expansion project(2017).
  • Florence is the 10th largest city is South Carolina.